Document checklist for payment gateways

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In the ultra competitive business world, a key focus lies on making the purchasing process friction less for customers. Taking into consideration the current contactless climate it's even more important to make this process free of human interaction. Businesses are now turning to online modes of payment compared to the old cash first approach. They are now using modes such as UPI, wallets, point of sales machines and payment gateways to collect payments from customers. Using a payment gateway is now one of the most popular methods as it gives the customer a wide range of payment methods to choose from. 

If you are an Indian business owner and have questions about the documents that are required to sign up for a  payment gateway for your business, then here is a document checklist for you.

Table of Contents

Business filing status - Individual

  • Individual/business owners Pan Card
  • A copy of the individuals Aadhar card
  • For  business address proof the individuals Driving License, Voter ID or Passport (Any one)
  • Original cancelled cheque of bank account with IFSC code and name
    Bank account statement for the last 3 months

Business filing status - Proprietorship 

  • A copy of the proprietor's Pan Card
  • A copy of the proprietors Aadhar card
  • A copy of business address proof such as Driving License, Voter ID or Passport (Any one)
  • Cancelled cheque of bank account, IFSC code and name or account statement 
  • A copy of government business proof . This could be either a GST certificate or Shop Act

Business filing status - Partnership

  • A cancelled cheque of current bank account, IFSC code, address and firm name 
  • A copy of Pan Card from each authorized signatory
  • Single copy of address proof identity card such as Driving License/Voter ID/Aadhaar Card/Passport of all the authorized signatory
  • A copy of the respective firms pan card
  • A copy of certificate of Incorporation mandatory for LLP or partnership deed as business proof
  • A copy of the GST certificate or Partnership deed with the name of the firm and address as business address proof

Business filing status - Private Limited or Limited Liability Partnership firm

  • A copy of the MOA and AOA of the firm as business address proof
  • Cancelled cheque of bank account, IFSC code and company name or bank account statement for the last 3 months 
  • Certificate of Incorporation or GST certificate as business registration proof 
  • Business Pan Card
  • Authorized signatories PAN Card
  • Authorized signatories driving licence or passport and Aadhar Card

Business filing status -Trust or Society

  • For business address proof Trust Deed or Society registration certificate, MOU, Bank account statement with the name of the trust or society and address or GST certificate (Any one)
  • Cancelled cheque or bank account statement for the last 3 months with the society or trust name and address
  • For business registration proof, Trust Deed or Society registration certificate
  • Pan Card of the trust or society 
  • Pan Card copy of the authorised signatory

Things to keep in mind before you submit your documents for enrolling for your payment gateway

  • Name order/spelling and date of birth on your Address Proof should match the details of your Pan Card, if this is not the case then send an original copy of affidavit mentioning the name and DOB as on the Pan Card and Address which will be followed by declaring of correct spelling of both names and DOB are of the same person.
  • Ensure all documents are submitted before you start collecting money and are inline with what has been requested. As a mismatch in these documents could delay settlements of the collected funds to your bank account
  • Make sure you read the terms and conditions for the payment gateway that you are signing up with as some business segments are not eligible for their services

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Above is a document checklist for all business owners who are looking forward to implementing payment gateways such as Cashfree,  PayU, Razorpay, Instamojo and others. A detailed document checklist will be available on the dashboard of respective payment gateways. Always make sure you do your research and choose a payment gateway that has ease of onboarding and is suitable for your business. Alternatively you can also choose a billing software like Swipez that comes out of the box with payment gateway integration and a host of ways to collect money from your customers online.